A credit union is like a bank, but owned and controlled by its members. It is a financial cooperative that is run democratically. Typically, a member of a credit union saves money on interest and fees versus a customer at a bank. To learn more about the credit union difference, visit asmarterchoice.org.
The World Council of Credit Unions says it best: “Credit unions, called by various names around the world, are member-owned, not-for-profit financial cooperatives that provide savings, credit and other financial services to their members. Credit union membership is based on a common bond, a linkage shared by savers and borrowers who belong to a specific community, organization, religion or place of employment. Credit unions pool their members’ savings deposits and shares to finance their own loan portfolios rather than rely on outside capital. Members benefit from higher returns on savings, lower rates on loans and fewer fees on average.”
Make sure to check out WOCCU’s page on the credit union difference!
Basically, a credit union is like a bank, but better – because its owned by the people that use it!
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Check out these videos to learn about credit unions: